Verdict – Short-term bearish.
Iron ore corrected as expected from last week. Iron ore traded with expanding volume compared to late half of last week with some previous taking gains investors leaving market. Hourly MACD corrected below 0 axis. Hourly slow stochastic corrected in line with iron ore prices after the last dead cross in overbought area saw in June 6th. Short-run technicals are indicating potential to correct in next few sessions.
The first support is 875.0,the first resistance is 900.0
